Zacks Investment Research lowered shares of Cryolife (NYSE:CRY) from a buy rating to a hold rating in a report issued on Wednesday.
According to Zacks, “CryoLife, Inc. is a leader in medical device manufacturing and distribution and in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries. It operates throughout the U.S. and internationally. CryoLife manufactures and distributes BioGlue Surgical Adhesive, an FDA-approved adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in Europe for use in soft tissue repair and has received additional marketing approvals in several other countries throughout the world. CryoLife’s BioFoam Surgical Matrix is CE marked in Europe for use as an adjunct to hemostasis in cardiovascular surgery and on abdominal parenchymal tissues (liver and spleen) when control of bleeding by ligature or conventional methods is ineffective or impractical. CryoLife distributes PerClot, a powdered hemostat, in Europe and other select international countries. “
CRY has been the topic of a number of other research reports. Northland Securities restated a buy rating and set a $32.00 price target on shares of Cryolife in a research note on Tuesday, August 7th. Canaccord Genuity increased their price objective on shares of Cryolife from $28.00 to $36.00 and gave the stock a buy rating in a research note on Wednesday, August 8th. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $35.00.
Shares of Cryolife stock opened at $30.13 on Wednesday. The company has a current ratio of 4.97, a quick ratio of 3.63 and a debt-to-equity ratio of 0.80. Cryolife has a 12-month low of $16.80 and a 12-month high of $36.05. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 75.33 and a beta of 0.61.
Cryolife (NYSE:CRY) last issued its quarterly earnings results on Monday, August 6th. The medical equipment provider reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.03. Cryolife had a negative net margin of 2.34% and a positive return on equity of 4.28%. The business had revenue of $68.50 million for the quarter, compared to analyst estimates of $64.08 million. During the same quarter in the prior year, the business posted $0.12 EPS. Cryolife’s revenue for the quarter was up 43.2% compared to the same quarter last year. Research analysts forecast that Cryolife will post 0.31 EPS for the current year.
In other news, CEO James P. Mackin sold 150,000 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $32.16, for a total value of $4,824,000.00. Following the sale, the chief executive officer now owns 380,970 shares in the company, valued at $12,251,995.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James P. Mackin sold 103,072 shares of the stock in a transaction on Monday, August 13th. The stock was sold at an average price of $32.17, for a total transaction of $3,315,826.24. Following the completion of the sale, the chief executive officer now owns 380,970 shares in the company, valued at approximately $12,255,804.90. The disclosure for this sale can be found here. Insiders sold 361,870 shares of company stock worth $11,726,573 in the last quarter. Company insiders own 3.97% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cryolife by 117.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,305 shares of the medical equipment provider’s stock valued at $176,000 after buying an additional 3,400 shares during the period. United Services Automobile Association acquired a new stake in Cryolife during the second quarter valued at $208,000. NewFocus Financial Group LLC acquired a new stake in Cryolife during the second quarter valued at $218,000. Piedmont Investment Advisors LLC acquired a new stake in Cryolife during the second quarter valued at $220,000. Finally, SG Americas Securities LLC acquired a new stake in Cryolife during the second quarter valued at $278,000. Hedge funds and other institutional investors own 68.92% of the company’s stock.
CryoLife, Inc, together with its subsidiaries, manufactures, processes, and distributes medical devices and implantable human tissues for use in cardiac and vascular surgeries worldwide. The company operates in two segments, Medical Devices and Preservation Services. It offers BioGlue, an agent for cross-linking proteins for cardiac, vascular, pulmonary, and general surgical applications; On-X mechanical heart valves for aortic and mitral indications; cardiac preservation services; PhotoFix, a bovine pericardial patch for use in cardiac and vascular repairing activities; and PerClot, an absorbable powdered hemostat for use in surgical procedures, including cardiac, vascular, orthopedic, neurological, gynecological, ENT, and trauma surgeries.
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